Fyffes seals €28.7m fruit group deal

Fruit importer Fyffes has completed the €28.7 million acquisition of an initial 60% stake in Swedish fruit group Everfresh.

The group announced plans last month to buy Everfresh in stages and will buy the remaining 40% in 2007.

Fyffes will pay 6.25 times the average pre-tax profit earned by Everfresh over the next three years. The total price payable will be capped at €77.6m.